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Foreign Exchange Services Global Market is Likely to Upsurge $10563.53 billion at a CAGR of 7.3% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook
Foreign Exchange Services Global Market
The foreign exchange services market size is expected to see strong growth in the next few years. It will grow to $10563.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global economic outlook, trade policy changes, regulatory developments, global events and crises, central bank policies. Major trends in the forecast period include technology innovations, technological advances, digital transformation, cryptocurrency integration, algorithmic trading and AI.
Market Overview -
Foreign exchange services refer to service of converting one currency into another at a specific foreign exchange rate. It facilitates worldwide commerce (across borders), which involves investments, trade of goods and services, and financial transactions. It also allows for currency conversion for international trade investments and settlements.
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Global Surge In International Transactions Fuels Foreign Exchange Service Market Growth
The increasing international transactions are expected to propel the growth of the foreign exchange service market going forward. An international transaction is defined as a settlement in a foreign currency for a cross-border trade agreement or a credit operation. For any international transaction to be performed, it requires the exchange of foreign currency. Hence, an increasing number of international transactions will drive the growth of the foreign exchange service market. For instance, in May 2022, according to the World Bank, a US-based international financial institution, states in 2021, remittance inflows to Europe and Central Asia increased by 7.8%, hitting a new high of $74 billion. Therefore, the increasing international transactions are driving the foreign exchange market.
Competitive Landscape -
Major companies operating in the foreign exchange services market report are JPMorgan Chase & Co., Citibank N. A, Wells Fargo Bank Ltd., HSBC Holdings plc, BNP Paribas, American Express Company, Goldman Sachs Group Inc., UBS AG, Capital One Financial Corporation, Barclays plc, Deutsche Bank, The Royal Bank of Scotland plc, Standard Chartered PLC, State Street Corporation, Western Union Holdings, Inc., XTX Markets Limited, Coinbase Global, Inc., Revolut, BloomX Ltd., Wise, eToro, Gain Capital Group, LLC, Ripple, Rapyd, TransferMate, Capitolis Inc., Banxa Holdings Inc., Currensea, AZA Group, B Broker SRL, easyMarkets (CFD Trading), Ebury, LMAX Exchange Group, Orfinex Technologies
Technological Advancements Drive Transformation In The Foreign Exchange Service Market
Technological advancements are a key trend gaining popularity in the foreign exchange service market. Major companies operating in the foreign exchange service market are adopting new technologies to sustain their position in the market. For instance, in July 2022, EbixCash Limited, an India-based technology-enabled provider of digital products and services, launched the Self Booking Corporate tool for foreign exchange. Self-Booking Corporate tool offers a spectrum of digital foreign exchange services to business and corporate travelers, and other corporates enabling increased efficiency. The tool will allow clients to avail of foreign exchange services digitally, through a hassle-free documentation process and provide corporate clients the ability to tailor the system to their corporate travel policies and generate customized reports.
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Key Segments -
The foreign exchange services market covered in this report is segmented -
1) By Services: Currency Exchange, Remittance Services, Foreign Currency Accounts, Other Services
2) By Providers: Banks, Money Transfer Operators, Other Providers
3) By End-User: Individuals, Corporate Institutes, Government, Retailers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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